A method for effecting electronic payment, safeguarding banking and account information, while utilizing existing payment systems. The method comprises generating a system routing number and a payment identification code (PIC) relating to the beneficiarys account information, distributing payment identification codes to the existing payment system and financial institutions owning the account related to the payment identification codes, and the originator receiving a system routing number and the beneficiarys PIC number. The method also includes the originator communicating a payment instruction to a financial institution of the originator, wherein the payment instruction includes the system routing number beneficiarys payment identification code, the originators financial institution receiving the payment instruction from the originator, wherein if the received PIC matches the originators financial institution internal list of PICs, the originators financial institution performs an on us transaction, and transmitting a payment instruction to an existing payment system in a case where the received PIC does not match originators financial institution internal list of PICs. The method also includes the existing payment system validating the received PIC, wherein if the PIC is invalid, the payment instruction is returned to the originators financial institution, converting the PIC and system routing number to a receiving payment instruction in a case where the PIC is a valid PIC, wherein the receiving payment instruction includes the beneficiarys financial institutions routing number and the beneficiarys account number. The existing payment system transmits the receiving payment instruction to a financial institution of the beneficiary, that financial institution credits the beneficiarys account if no problem exists, and otherwise returns a receiving payment instruction to the existing payment system. Upon receipt of the returned receiving payment instruction, the existing payment system translates the receiving payment instruction into the payment instruction prior to transmitting the payment instruction back to originators financial institution.

A method for effecting electronic payment, safeguarding banking and account information, while utilizing existing payment systems. The method comprises generating a system routing number and a payment identification code (PIC) relating to the beneficiarys account information, distributing payment identification codes to the existing payment system and financial institutions owning the account related to the payment identification codes, and the originator receiving a system routing number and the beneficiarys PIC number. The method also includes the originator communicating a payment instruction to a financial institution of the originator, wherein the payment instruction includes the system routing number beneficiarys payment identification code, the originators financial institution receiving the payment instruction from the originator, wherein if the received PIC matches the originators financial institution internal list of PICs, the originators financial institution performs an on us transaction, and transmitting a payment instruction to an existing payment system in a case where the received PIC does not match originators financial institution internal list of PICs. The method also includes the existing payment system validating the received PIC, wherein if the PIC is invalid, the payment instruction is returned to the originators financial institution, converting the PIC and system routing number to a receiving payment instruction in a case where the PIC is a valid PIC, wherein the receiving payment instruction includes the beneficiarys financial institutions routing number and the beneficiarys account number. The existing payment system transmits the receiving payment instruction to a financial institution of the beneficiary, that financial institution credits the beneficiarys account if no problem exists, and otherwise returns a receiving payment instruction to the existing payment system. Upon receipt of the returned receiving payment instruction, the existing payment system translates the receiving payment instruction into the payment instruction prior to transmitting the payment instruction back to originators financial institution.